Residential
One of the curious findings of Santos Knight Frank’s Global Buyer Survey for the Philippines was the high level of interest of local buyers on secondary homes during the pandemic. 41% of the respondents, which were composed of high-income buyers, said they were planning to buy second homes, a proportion higher than the average in Asia (27%) and the world (33%). Buyers also see the home as more than just an investment but as a private destination and an accessible place of rest.
“The adage of ‘location, location, location’ has taken a new meaning after the pandemic experience. While people want to be within reach of convenience, there now also seems to be a greater desire for locating near places of leisure, nature, beach, and mountains,” explains Marievie Gimena, Associate Director for Residential Services at Santos Knight Frank.
This demand explains the spike in inquiries for properties in Batangas, Baguio, La Union, Siargao, and destination places where buyers can leverage on the flexibility of work and enjoy leisure time without the need to travel in between places.
Changing preferences
The Global Buyer Survey unveils more trends. In the Philippines, 85% of local respondents said that they moved houses ever since the pandemic, primarily driven by the need for outdoor space (33%), downsizing (17%), and better amenities (17%). Travel restrictions have also affected buying decisions where one in four said that their decision to move was delayed due to the restrictions, while 28% said these restrictions have influenced the location of the home they want to purchase.
The pandemic has changed not just the general demand but also the preferences of properties buyers would like to live in. One in every three local respondents said that they are more likely to move to a detached home or villa, while there is still a growing interest in residences on a waterfront (23%) — in line with the growing interest in living in the suburbs.
Functional properties are also important such as homes with high-speed broadband (13%) and a home office/study (10%), outdoor spaces (10%), and wellness and well-being amenities (10%) have been identified. As for location features, there has been growing importance to inhabiting green spaces (17%), having good air quality (17%), and good access to healthcare (16%) — all pointing to the prioritization of quality of living.
There has also been a growing interest in locating next to health and wellness location features such as having more green space, good air quality, and good views, while convenience-based factors have decreased preferentially. With the expectation that hybrid work will continue in the post-pandemic world, the features of having a home within walking distinct to work and transportation hubs and in close proximity to commercial establishments like restaurants, gyms, and malls, have lessened in priority.
Buy your next home with Santos Knight Frank
The demand for homes remains but it is one that is continuously evolving because of the pandemic. Buyers can find their ideal property with the help of the renowned real estate services agency Santos Knight Frank. Santos Knight Frank offers real estate services from brokerage, advisory, appraisal, property management, and many more, just visit https://santosknightfrank.com/.
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